Study On The Motivation And Performance Of BOC Aviation's Spin Off

With the rapid development of China's economy,China's capital market is moving towards a more standardized,more mature and developed gradually,in order to promote the market value of the enterprise,all enterprises are actively exploring the reasonable allocation of resources.The spin off is a way of restructuring shrinkage,in the foreign capital market after a long time development the development in the two aspects of market supervision and system construction is very mature,operation system are standardized.As China's capital market is not related to a comprehensive system,so the listing in the territory of the motherboard market has been hit by the way,in 2004,the Commission issued "on the norms of domestic listed companies listed companies related issues notice to the outside,open to spin off limits in the policy to a subsidiary of a listed company listed from the territory split to the overseas market,in this political environment,Most of the domestic enterprises will spin off subsidiaries to overseas markets.The Bank of China split BOC aviation as the first split case in the banking sector,it has a certain value in research and reference.Through the research on the bank split BOC aviation,to investigate the spin off effect to the performance of the company and the company spin off for the cause.A spin off of the research to provide some reference.But this reorganization of assets in China's capital market is still to be explored,and in China's current capital market environment,listing can bring benefits for corporate shareholders,enhance corporate value,these are worthy of our research and analysis,but also conducive to the research on the spin off the performance of listed companies.This paper adopts literature review,theoretical research and case analysis methods to study the combination of the three.The first at home and abroad on the spin off of the concept,theory and so on,analyzes the listing to affect the performance of enterprises and capital market,followed by the combination of spin off in the current situation and development direction of our country,to spin off the access conditions were analyzed;finally the introduction of China break-up of BOC aviation's case,the company choose the spin off of the background,motivation and so on,from the financial and capital markets in two directions of analysis of the spin off Chinese bank performance.In financial performance,security,China bank liquidity and analyzes four aspects of profitability and growth;in the capital market,the rate of return of stocks to study and use the parent company spin off with event study analysis The trend of market price comparison situation before and after the study,after the spin off company performance changes.Finally,summed up the conclusion of the paper is to improve the listed company spin off and put forward some suggestions,enterprises should fully understand the spin off and combine their development needs,choose their own mode of operation,in order to obtain the maximum benefits.The bank split BOC aviation listed in Hongkong that the reform mechanism in deepening the system,our country,in theory innovation,system innovation is an effective exploration,this will be for China's listed companies spin off to bring a new dawn.I hope our government can further deepen the reform of institutional mechanisms,learning from the overseas capital market the success of the advanced experience,with the international market,low barriers to entry and improve the regulatory mechanism,so that our enterprises can enjoy the benefits of listing,meet the state and enterprise win-win.At the same time,BOC aviation listing success proved that domestic listed companies will spin off to the Hongkong listed subsidiary is feasible in the capital market of our country,and get the following enlightenment: first,rational view of the spin off,fully integrated enterprises have to choose whether to split up The city,not only for the blind to split the immediate interests;second,to avoid the lack of public stake in listed subsidiary,to ensure independence;third,to prevent the dilution of the threat that the parent holding position.